Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain agrees to forgive part of Cuba's short-term debt

Source: Reuters - Tue 3rd Nov 2015
Spain agrees to forgive part of Cuba's short-term debt

In a new move aimed at strengthening bilateral economic relations, Spain has agreed to refinance €201.5 million in short-term debt Cuba owes the Spanish government.

On Monday, Economy Minister Luis de Guindos signed an agreement in Havana with Cuban Vice President Ricardo Cabrisas that paves the way for Spain to forgive part of the money it lent to Havana, including interest and penalties for late payments.

The money is owed to CESCE (Spanish Company for Insured Credit for Export), which earlier this year resumed short-term coverage for Spanish businesses in Cuba after it stopped covering investors in 2000 because of the size of the debt.

The agreement, which was signed at the the Council of State's headquarters in Havana, came after government officials from both sides held talks in July in Madrid to bolster relations, including cooperation in joint research and development projects.

Spain has been anxious to strengthen its economic ties with Cuba now that the United States has begun a process of normalizing relations with the government of Raϊl Castro, a move that is expected to lead to more foreign investment in the island.

This summer, Castro agreed to renegotiate Cuba's debt, which he estimated stands at $15 billion (€13.7 billion), with 16 creditor nations belonging to the Paris Club, an informal group of official creditors who seek solutions to payment difficulties experienced by debtor countries.

Cuba's debts with Spain total about €535.6 million, but this figure had increased five-fold in the last three decades with interest and penalties for late payments.

"As new stages and new opportunities are opening, I'm convinced that Spain – as occurs in foreign trade and in many other markets – will play a fundamental role, especially given the long-standing relationship with Cuba," Efe news agency reported De Guindos as saying.

Recommended Reading :

* Spain managing to hold off impact of global slowdown : IMF report

* Spain risks missing 2015 and 2016 deficit targets : Brussels report

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

When shopping for bodyjewelrytips, never buy anything that has nickel. The best type of material is the steel, titanium, wood, anodized gold or gold. Most nickel products will rust and may infect your ear. If you have pierced the naval or eye, you do not need to worry, as that is the most versatile part of the body. You can wear rings, straight, curved or fancy and captive beads. There are many leading body piercing jewelry that offer some of the biggest collection at very affordable price. In regard to shopping, always go to a wholesale shape as that is the sure place of getting any type of body piercing jewelry. The only thing that you need to be careful about is the material used to make the jewelry. There are instances when body piercing might go wrong and the result is an infection. In order to avoid this, make sure that the person doing the piercing is qualified to do so. After piercing is done Bodys piercing trends, you should keep the area sterilized and clean. Use warm water to wipe dirt. Never use spirits as they will corrode the area resulting to a wound which might cause an infection.